Article - Local Government
(a) This section applies to bond sale proceeds and other money that are:
(1) subject to arbitrage, rebate, or similar limitations under federal tax law; and
(2) in the custody or control of the controller, director of finance, or similar official of a charter county or Baltimore City.
(b) Notwithstanding any other law, the controller, director of finance, or similar official of a charter county or Baltimore City may:
(1) invest and reinvest bond proceeds and other money to which this section applies:
(i) in bonds, notes, or other obligations that are:
1. of investment grade quality as established by a nationally recognized rating agency; and
2. issued by or on behalf of a state or a unit, political subdivision, public corporation, special district, or authority of a state; and
(ii) directly or through a trust or fund that restricts investments to obligations of investment grade quality; and
(2) sell, redeem, or exchange an investment or reinvestment made under item (1) of this subsection.